Medical Technology: Quarterly hospital capex survey

Research evidence excerpt

Medical Technology: Quarterly hospital capex survey

Accessible version

Medical Technology

Quarterly hospital capex survey

Industry Overview

Survey shows record high capex expectations 13 July 2026

We survey hospital CFOs every quarter since 2011. This survey (N=53) was conducted Equity

Jun 29th – Jul 9th. Our Q2 survey showed a record high of 77% (up+1pt q/q) expecting to United States

increase capex spending (survey has been running since 1Q11). Only 8% expect Medical Technology

decreased spending (flat q/q). On average, CFOs expecting capex spending to be up 8.3%

(vs 7.6% last quarter). Only 15% of respondents cancelled and/or delayed purchases

(lowest quarter since 4Q19). However, respondents do see access to financing slightly

more difficult (24% in Q2 vs 20% in Q1). Tariff outlook improved with only 38% (vs 66%

in Q1) expecting tariffs to impact facility/ facilities’ costs in 2026 (avg 4.8% increase for

medical devices and supplies). General dx imaging equipment remains top spending

priority for next 12 months for 8th consecutive quarter, followed by robotic surgery (21%, Travis Steed Research Analyst

-7pt q/q) and highest quarter of hospital beds since 2Q23 (19%, 15pt q/q). BofAS

Exhibit 1: Record expectations for capital spending in Q2 +1travis.steed@bofa.com404 607 3251

Record 77% of respondents expect capital spending to be Up in the next 12 months (vs prior record of

Stephanie Elghazi

76% in 1Q26). Research Analyst

BofAS

Up 77% +1stephanie.elghazi@bofa.com646 855 4568

75%

76% Gracia Mahoney

Research Analyst

55% 54% +1 646 855 1136

gracia.mahoney@bofa.com

35% Enjia Cao Research Analyst

+1 646 743 9861

15% enjia.cao@bofa.com

1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 Aidan Lahey

Source: BofA Global Research, n=53 BofAS

BofA GLOBAL RESEARCH +1 646 855 2590